Small businesses worldwide are suffering from COVID-19. Thankfully, there are reliable merchant services providers that can help businesses overcome COVID-related challenges more easily by providing exceptional merchant services, including a bad credit merchant account. Let’s see how businesses are recovering from this crisis, which has destructed many businesses around the globe.
Small Business Growth During COVID
Small businesses are the backbone of the economy in any country. Now, when COVID-19 has severely hurt small businesses around the globe, owners are struggling to stay afloat and move forward with success.
Based on the data from the Commerce Department, the total size of the economy has now exceeded the level registered before COVID-19. According to July 2021 report, the nation’s gross domestic product rate, which is the total output of goods and services, rose in the April-June quarter from a 6.3% annual growth rate in Q1 of the year.
When it comes to business investment, it increased at an 8% annual rate in the April-June quarter, making GDP grow by 1.1 percentage point. According to Neil Bradley, executive vice president, and chief policy officer at the U.S. Chamber of Commerce, small business growth has been registered across the board and in every industrial sector.
In addition, Bradley said in 2021 that the previous year had witnessed 4.3 million new businesses starting all across the country.
Small Businesses in the U.S.: Bad Credit Merchant Account
Nearly three-quarters of the U.S. small business owners having participated in a survey by Goldman Sachs stated that the beginning of 2022 has brought a negative impact on their revenue.
According to the U.S. Small Business Administration, there were 31.7 million small businesses in the U.S. as of October 2021 (99.9% of all firms). 81% of small businesses didn’t have paid employees.
What about the rise in prices? Three in five small business owners had to increase their prices in 2021, according to the Small Business Index. Some business owners have taken out loans or cut the number of employees to be able to overcome inflation-related higher costs.
Thankfully, there are reputable merchant services providers that offer both reliable and cheap business financing and payment processing services. All you need is to do research and find the most suitable merchant processor to get the best deal for your business. This is also true of high risk businesses in need of a reliable, secure, and cheap bad credit merchant account.
U.S. Small Business Growth During COVID
Small businesses have registered growth as compared to what they witnessed before COVID. There are reputable merchant services providers that are ready to help both low and high risk merchants overcome the current economic crisis.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that offers a secure and cheap bad credit merchant account. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.